Private-Debt Risks Are Hiding in Plain Sight
The debt moratoria introduced early in the pandemic provided temporary relief for private borrowers, and may have limited the fallout of the economic disruption. But recent data reveal that they also created a potentially disastrous non-performing loan problem.
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WASHINGTON, DC – When Russian tanks rolled into Ukraine, private-debt crises were probably already brewing – albeit hidden from view – in many parts of the world, as a result of the economic disruptions caused by the COVID-19 pandemic. Now, the war is pushing even more countries toward similar crises.